Computations involving different cost flow assumptions. Harris Company's raw material purchases during September, its first month of
Question:
Computations involving different cost flow assumptions. Harris Company's raw material purchases during September, its first month of operations, were as follows:
Transcribed Image Text:
Quantity Cost per Pound Total Costs 9/1 Purchased 9/5 Purchased 1,500 pounds $4.50 $ 6,750 4,000 pounds 4.60 18,400 9/14 Purchased. 2,500 pounds 4.90 12,250 9/27 Purchased. . . 3,500 pounds 5.15 18,025 9/29 Purchased . . . 2,000 pounds 5.25 10,500 Total Goods Available for Sale .... 13,500 pounds $65,925 The inventory at September 30 was 2.500 pounds. Assume a periodic inventory sys- tem. Compute the cost of the inventory on September 30 and the cost of goods sold for September under each of the following cost flow assumptions: a. FIFO b. Weighted average c. LIFO
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
ANDREW KIPRUTO
Academic Writing Expert
I have over 7 years of research and application experience. I am trained and licensed to provide expertise in IT information, computer sciences related topics and other units like chemistry, Business, law, biology, biochemistry, and genetics. I'm a network and IT admin with +8 years of experience in all kind of environments.
I can help you in the following areas:
Networking
- Ethernet, Wireless Airmax and 802.11, fiber networks on GPON/GEPON and WDM
- Protocols and IP Services: VLANs, LACP, ACLs, VPNs, OSPF, BGP, RADIUS, PPPoE, DNS, Proxies, SNMP
- Vendors: MikroTik, Ubiquiti, Cisco, Juniper, HP, Dell, DrayTek, SMC, Zyxel, Furukawa Electric, and many more
- Monitoring Systems: PRTG, Zabbix, Whatsup Gold, TheDude, RRDtoo
Always available for new projects! Contact me for any inquiries
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting An Introduction To Concepts Methods And Uses
ISBN: 9780030259623
9th Edition
Authors: Clyde P. Stickney, Roman L. Weil
Question Posted:
Students also viewed these Business questions
-
Resources: Financial Accounting: Tools for Business Decision Making Write a minimum 150-word response to each of the following scenarios from Exercise E3-1 in Financial Accounting (p. 132) describing...
-
PLEASE COMPLETE NO LATER THAN 11/04 @8am Each question(1,2,& 3) must be a minimum of 200 words. Please EXPLAIN answers in FULL detail and make answers knowledgeable based off the attached reading,...
-
Would you be able to put together another monthly cash flow analysis, this time for year 1? INCOME STATEMENT Year 1 269,115.00 48,930.00 20,388.00 338,433.00 $ $ $ $ COGS $ 113,940.00 $ 125,940.00 $...
-
Marty owns an auto body repair shop. The business has no real value without him and the building is pretty much a mess after being full of paint fumes for all those years but the land is worth...
-
If a minimum wage for teenagers is set at $7 an hour, a. How many hours do teenagers work and how many hours are unemployed? b. Demand for teenage labor increases by 500 hours a month. What is the...
-
Koala LTD has an expected return of 12% and a standard deviation of 17%. Aardvark Industries has an expected return of 12.75% and a standard deviation of 17%. A rational investor seeking to maximize...
-
Discuss the role that investing plays in the personal financial planning process and identify several different investment objectives.
-
Mr. Gennone maintained a checking account at Peoples National Bank & Trust Company of Pennsylvania (Bank). Gennone noticed that he was not receiving his bank statements and canceled checks. When...
-
3. Suppose you bought a $60,000 truck which is 100% financed at 7% annual rate for 5 years. a. How much will your monthly payments be? [4 marks] b. Prepare a loan amortization schedule. You can use...
-
Computations involving different cost flow assumptions. Moon Company's raw materials purchases during June, its first month of operations, were as follows: The inventory on June 30 was 12.500 units....
-
Effect of inventory valuation basis on net income. Colt Real Estate Development Corporation acquired two parcels of land, Parcel A and Parcel B, for $9.000 each on April 15. Year 6. The firm sold...
-
Lets think about an economically sound way to measure the value of leisure. To keep this simple, well just think about the value of leisure to people who could work but who decide to stay home. Also,...
-
The answer above is NOT correct. The value of (2x + 1)(x + x)dx is
-
Review the resource on organizational theory. Explore the various theories and select one to use for this Discussion. Consider the strengths and limitations of the chosen theory. Compose an analysis...
-
How do the locations of Australian department store Myer affect the ability of the other factors of the operating model canvas (suppliers, organization, processes, and information/management systems)...
-
Critical Reading Review: The Exclusion of Latinos from American Media and History Books Read the article. After reading the article, answer the following questions: 1. What purpose do you think the...
-
1. How does the proposed market segment of residential contracts differ from Smith Electric's current market segment? 2.What does a SWOT analysis tell us about Smith Electric's ability to enter a...
-
On August 31, 2008, the balances of the accounts appearing in the ledger of The Bent Needle Company, a furniture wholesaler, are as follows: a. Prepare a multiple-step income statement for the year...
-
A spacecraft has left the earth and is moving toward Mars. An observer on the earth finds that, relative to measurements made when the spacecraft was at rest, its a. length is shorter b. KE is less...
-
Required : a- outline the statement of comperhensive income for the year ended 30 november 2021 b- outline the statment of financial position as at 30 November The Trial Balance of Alim Enterprise at...
-
International business and environment The MIR requires teams to gather current, or the most recently available, data on the markets people, economy, government, and technological status from online...
-
Consider the following stream of cash flows. The interest rate is 10%. 0 1 2 3 4 5 6 7 100 100 100 200 0 300 300 300 a) What is the value at time 0 of the cash flow stream? b) What is the value of...
Study smarter with the SolutionInn App